Privacy protocol Elusiv has unveiled a private token swap tool for Solana, marking a significant advancement in the field of decentralized asset trading. The platform, which has been under development for over a year, aims to assist users in trading their assets without revealing personal information about themselves. Available through a web app, the tool supports transfers to other crypto wallets in Solana (SOL), USD Coin (USDC), tether (USDT), bonk (BONK), and samoyedcoin (SAMO).
Elusiv’s private token swaps are designed to reduce counterparty risk by using zero-knowledge proofs to encrypt users’ public keys. This ensures that the amounts swapped or traded within users’ wallets cannot be connected to their actual wallet addresses. Users must deposit funds into a private balance before sending or swapping tokens, all without exposing their public key. The procedure includes the use of a temporary key, acting as a burner account, which disconnects the link between a user’s public key and encrypts the source of the transactions.
Unlike traditional crypto mixers, Elusiv does not mix user funds. Instead, it utilizes a combination of cryptographic schemes, most notably zk-SNARKs, to bring privacy guarantees to users. Julian Deschler, co-founder of Elusiv, emphasized that the tool is crucial to make DeFi fair for everyone, including regular users and seasoned traders. He stated that private token swaps secure one of the most fundamental actions in all of DeFi and push the entire Web3 space forward to deliver on core self-sovereignty and data ownership values.
Elusiv’s approach represents a departure from mixers, which have run into legal trouble in the past. The company has not been met with any legal hurdles and is engaged with the European Crypto Initiative’s efforts to develop fair regulation.
Anatoly Yakovenko, co-founder of Solana, praised Elusiv’s innovation, stating, “Elusiv Privacy represents the future of blockchain transactions — achieving a seamless blend of zero-knowledge privacy, efficiency, and instantaneous settlement.”
Elusiv’s launch of the private token swap tool on Solana is a groundbreaking development in decentralized finance. By offering a secure and private way to trade assets without revealing personal information, Elusiv is paving the way for open and fair DeFi. The introduction of this feature also aligns with the broader trend towards enhanced privacy and security in blockchain transactions.